UK manufacturing beats output forecasts
Further signs that the decline in UK manufacturing output is slowing emerged today (12 May) as official data recorded better than expected results for the month of March.
The Office for National Statistics (ONS) reported that output from the manufacturing industries fell by just 0.1% in March, its lowest rate of decline for more than a year. Pundits had predicted a fall of up to 10 times greater. The paper, printing and publishing industries increased their output, as did the catch-all ‘other’ category. However output declined significantly in the machinery and equipment industries and in the metals sector.
In the latest quarter from January to March – deemed to be a more reliable guide – manufacturing was 5.5% down on the previous quarter and 13.1% lower than the equivalent quarter in 2008. The transport sector, significantly affected by the difficulties of the car industry, was 13.6% worse than the previous quarter.
